Own A Condo

Do you want to Own A Condo? Owning a condo can be one of the most rewarding experiences you'll ever go through as long as you choose the right people to help you though the process.  There are many players in the process to owning a condo.  It starts with you.  Why do you want to own a condo to start with?  What draws you to this type of real estate? 

A condominium is very different from a house.  A condominium has lots of neighbors connected to the same building and you have a five person team running the entire complex known as the condo association board.  There are rules you have to abide by and there are times you can't be as loud as you like because you probably will have a neighbor above you, below you, on the each side of you and across the hall. 

To own a condo you'll need to start with checking into condo lending.  This is the beginning of everything.  The condominium lender will let you know all about programs that you'll fit under. There may be a need for a co-signer if your credit is bad.  You may need a partner if you do not have enough for a down payment.  All of these issues will be talked about at that initial meeting.  Most lenders will ask you to provide proof of the information you give them.  You may need to provide bank statements and proof of income from your employer.

Once the lender has determined the program that's right for you, the next step is to choose a realtor to help in the process of looking for a condo.  Condominiums are all over the and at different prices.  Real estate agents work with this process everyday and can help you zero in on the condo you want to own.  The real estate agent typically gets paid by the seller of the condominium, so use their services.  Basically you're getting a wealth of knowledge for free.  To own a condo in a specific area of Chicago, you'll need to check out the condition of the condo association.  Is the association up to date with their payments on the essential bills running the condo complex?  Do they have any money in a budget for long term capital expenses?  Your attorney and real estate agent will help you with all these questions.

If you really want to own a condo, it can be accomplished.  Choose the right team and get out and look at some condos and before you know it, you'll own the condo of your dreams!